Treasury Bills Auction Prospectuses

Treasury Bills Issuance Calendar

Treasury Bills Tenors

91 Days Treasury Bills

The 91 Days Treasury Bills are debt obligations issued by RBM on behalf of the Government of Malawi for the 3 months either a discount
or face value, at a competitive auction on a weekly basis. At a discount means the instrument is sold to an investor, at below the face value. The difference between the discounted
price and the face value determines the yield/interest earned. The yield on a 91-day Treasury Bils is the average 91-day discount rate.

Lender use the 3 months average rate, to adjust interest rates on the loans and corperate bond as economic conditions change. The then add a certain number of percentage points called
a margin, which doesn't vary, to it to establish the interest rate they must pay or earn in the case of a corperate bond tied to it also goes up.
Blow are the 91-day Treasury Bill Average Rates for the year 1994 to date: